Busan Gijang-gun, Participate in the 'Jeonse Deposit Return Guarantee Fee Support Project'

Up to 300,000 KRW Support for Jeonse Deposit Return Guarantee Fees
Ministry of Land, Infrastructure and Transport Implements Support Project for Homeless Tenants

On the 16th, Busan's Gijang-gun announced that it will support up to 300,000 KRW in jeonse deposit return guarantee fees for homeless tenants who have subscribed to the jeonse deposit return guarantee under the Ministry of Land, Infrastructure and Transport.

The jeonse deposit return guarantee is a guarantee product that takes responsibility for the return of the jeonse deposit from the landlord to the tenant after the end of the jeonse contract. After the jeonse contract ends, the Housing and Urban Guarantee Corporation (HUG), Korea Housing Finance Corporation (HF), and Seoul Guarantee Insurance (SGI) return the jeonse deposit to the tenant first and then claim recourse against the landlord.

The "Jeonse Deposit Return Guarantee Fee Support Project" aims to prevent damages caused by non-return of jeonse deposits by supporting the guarantee fees paid by tenants who subscribe to the jeonse deposit return guarantee. This project is implemented under the supervision of the Ministry of Land, Infrastructure and Transport.

The support targets homeless tenants who have subscribed to a valid jeonse deposit return guarantee as of the application date, with a tenant deposit of 300 million KRW or less, and whose annual income is below the specified amount (5 million KRW for youth, 6 million KRW for others, and 7.5 million KRW for newlyweds).

However, foreigners, overseas Koreans, tenants living in rental housing owned by registered rental business operators, and previous beneficiaries of the guarantee fee support project are excluded from the support.

Applications can be submitted online through the Government 24 website or by visiting the administrative welfare center in the applicant’s registered residential area throughout the year. The program may close early if the budget is exhausted.

County Governor Jeong Jong-bok said, "Recently, damages caused by jeonse fraud and reverse jeonse situations where deposits are not returned have become serious," adding, "We hope many people use this system to prevent damage," and "We will actively support the protection of tenants and the establishment of a safe jeonse transaction culture."